Papua

Gold Mines Of Papua Ltd.

The directors of Gold Mines of Papua Ltd. have decided to issue 300,000 new shares of 5/- each at par to provide finance to equip the company’s leases on Misima Island, Eastern Papua.

Of these 240,000 were offered on a share for share basis to members registered on September 25, and the remaining 60,000 were offered to the directors and staff.

A contract is being entered into for the supply of treatment plant, and deliveries will commence shortly. The cyanide plant at Woodlark Island will be transported to Misima, where most of the material will be used.

Latest developmental reports indicate that the main oxidised lode is maintaining its width and values at the lower levels. It is estimated that there are 250,000 tons of oxidised ore, averaging 46/- a ton, with gold at £AB, whilst a further 150,000 tons—mainly sulphides—can be won above the drainage tunnel.

Cuthbert’S Misima Goldmine Ltd.

Estimated value of production of Cuthbeft’s Misima Goldmine, N.L., for the four-weekly period ended September 23 was £4624, which constitutes a record since the present company was formed to acquire the property now being worked on Misima Island.

In conformity with the originally announced intention of gradually stepping up production to about 40,000 tons per annum, latest figures show that an increased quantity of ore was treated.

Compared with the two preceding months the aggregate value of gold and silver recovered per ton of ore, shows improvement.

Recent results are as follow:

Developments (N.G.) N.L,

Mr. F. A. Roberg, engineer to Developments (New Guinea) N.L. reports that the prospects are favourable on the properties under option adjoining the north and south boundaries of Mandated

July 18 Aug 23 Sep 23 Mill treated (tons) 1305 1753 1875 Bullion produced (ozs.) 1558 2272 1967 Gold, fine ozs 348 528 572 Silver, fine ozs 1150 1671 1330 Estimated value— (Gold at £A8 per oz.) .. £2844 £ 4306 £ 4624 Value per ton of ore 43/7 49/1 49/4

Alluvials’ areas, 17 miles outside Port Moresby, Papua. Instructions have been given for vigorous prospecting on the properties.